Iran to Libya Trade Boom Prompts Port Bond Sale: Turkey Credit
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A Turkish port serving Iraq, Libya and Iran is planning to sell bonds, taking advantage of record-low interest rates to pay off debt and expand as the nation’s trade with the Middle East booms.
The Mersin port company applied to sell as much as $600 million in bonds, according to a statement to the Borsa Istanbul on May 27. The sale may lower the company’s financing costs as the average yield on Turkish corporate debt fell 135 basis points over the past year to 4.24 percent on May 24, according to JPMorgan Chase & Co. indexes. That compares with an average 5.03 percent for emerging-market companies, the data show.